Vietnam-based Hau Giang Pharmaceutical (DHG) will not acquire stakes in the Anh Sao Viet Pharmacy Joint Stock Company (ASV Pharma Viet Nam), which has a joint-venture factory in Myanmar.
In July, DHG had planned to acquire a 72.86 percent stake in ASV Pharma Viet Nam, a move that was meant to allow DHG to indirectly hold a 51 percent stake in ASV Pharma Myanmar and enter the Myanmar market.
It was expected that the new drug factory in Myanmar would promote drug exports and bring revenues for DHG.
A representative from Hau Giang Pharma told Vietnamese media that regardless of the withdrawal of investment, DHG will continue to do market research to expand its distribution network in Myanmar.
As many as 17 registered pharmaceutical products of DHG are in circulation in Myanmar, and five more products are scheduled to be introduced in the market by 2015.